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Pechstein Corporation issued 2,120 shares of $13 par value common stock upon conversion of 1,140 shares of $49 par value preferred stock. The preferred stock was originally issued at $57 per share. The common stock is trading at $26 per share at the time of conversion. Record the conversion of the preferred stock.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9975961

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